Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $172,671
- Funds due
- $183,675
- Interest + MI left
- $91,816
- First ends
- Oct 2050
Assumption
Assumption + second
$2,394/mo
+$969/mo- Down payment
- $40,671
- Funds due
- $53,185
- Interest + MI left
- $308,501
- First ends
- Oct 2050
New loan
New conventional
$2,816/mo
+$1,390/mo- Down payment
- $40,671
- Funds due
- $49,805
- Interest + MI left
- $525,325
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,328 | $227,328 | $359,328 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,115.89 | $1,115.89 | $2,434.21 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $71.87 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,425.89 | $2,394.46 | $2,816.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,671
Closing costs & prepaids$12,514
Usable credit−$0
Total buyer cash needed$53,185
Earnest money paid−$0
Remaining funds due$53,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,136.64
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Prepaid interest, first (9 days)$169.28
Prepaid interest, second (9 days)$260.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 10 moOf the original 30-year loan at 3.02%
Interest already paid$45,903Through Dec 2026
Assumption only · ends Oct 2050$91,816
Assumption + second · ends Oct 2050, second Jan 2057$308,501
New conventional · ends Jan 2057$525,325